Free Trial

NYMEX RBOB (M20): Heading North *RES 4:...>

OIL TECHS
OIL TECHS: NYMEX RBOB (M20): Heading North
*RES 4: $1.1417 - 2.000 projection of Mar 23 - Apr 9 rally from Apr 22 low
*RES 3: $1.1356 - High Mar 12
*RES 2: $1.1000 - Round number resistance
*RES 1: $1.0888 - High May 20 and bull trigger
*PRICE: $1.0679 @ 07:03 BST May 26
*SUP 1: $0.9851/20 - Low May 22 / High May 11 and recent breakout level
*SUP 2: $0.9682 - Low May 18
*SUP 3: $0.9165 - Low May 15
*SUP 4: $0.8272 - High Apr 9 and former key breakout level
RBOB futures maintain a bullish tone. On May 5 the contract traded through key
resistance at $0.8272, Apr 9 high. The break higher confirmed a short-term
reversal and signalled scope for a stronger corrective recovery. Last week,
price traded through the psychological $1.000 level further reinforcing the
current bullish wave. Attention is on $1.1000 next, a round number resistance.
Initial support lies at $0.9851/20, Friday's low and the May 11 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.